Why These Stocks Were Moving In After-Hours Trading

Shares of Medivation Inc MDVN lost more than 9.3 percent in the past couple of trading days, after a group of important members of Congress, including presidential candidate Bernie Sanders, questioning the pricing of the company’s prostate-cancer treatment Xtandi. In a letter sent to NIH director Francis Collins, the politicians argued that Xtandi is priced in the U.S. at up to 4 times its international pricing. However, on Wednesday’s after-hours session, the stock seemed to be recuperating the ground lost, as the shares were trading up more than 11.25 percent, in what looked like a correction of the recent losses.

On the other hand, Progress Software Corporation PRGS was down more than 11.6 percent since the bell rang. The small cap software provider reported earnings of $0.27 per share, missing the Street’s consensus by $0.02. Revenue of $90.2 million also came short of expectations by $2.95 million. Two other elements driving the decline in the stock price were: weak guidance for the current quarter and the departure of CEO Phil Pead. For the ongoing quarter, management sees revenue of $93 million to $96 million, and EPS of $0.26 to $0.29, well below consensus for $102.5 million and $0.36.

Also moving on its earnings call was Micron Technology, Inc. MU, which was up about 0.5 percent since the market closed. The semiconductors provider posted a net loss of $(0.05) per share, smaller than the Street’s estimate of $(0.09) per share. Revenue of $2.934 billion, however, fell short of expectations for $3.221 billion.

Other stocks moving in Wednesday’s after-hours session included:

• EP Energy Corp EPE, up 12 percent, after losing 8.56 percent during the day
• Silver Wheaton Corp. (USA) SLW, down roughly 6.5 percent on the announcement of a $500 million bought deal financing.
• Controladora Vuela Co Avcn SA CV (ADR) VLRS, down 5.3 percent
• Cott Corporation (USA) COT, down 4.4 percent
• Pandora Media Inc P, up 2 percent

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.